The brand new 12-sided £1 coin is coming into proper circulation this month and the round version we all know-and-love will stop being legal tender on 15 October 2017.
Not only does that mean I need to change the header image of the blog, the fact the round-pound will no longer be accepted in shops after the midway point in October this year means that if you have a jar/drawer/pocket of coins, you might need to rummage through them.
Whether you spend before October or cash into your savings account is completely up to you and realistically yes, you do have a few months to sort this out. But without warning, October will be here and you may end up with some coins in hand which you can no longer spend.
It’s also worth mentioning that in May of this year, the ‘old’ £5 notes will be taken out of circulation. It’s not quite as bad as the pound coins as the fivers are produced by the Bank Of England, not the Royal Mint. Paper money holds it’s worth, for all time, so even after the May deadline, old notes could be sent to the Bank Of England in London to be exchanged at face value. Some banks have also said they’ll take them off your hands if you’re a customer at that branch. But to avoid any hassle, make sure you only have the new ‘plastic’ ones from May 2017 onwards.
With the new polymer £10 note arriving this summer and the £20 version in 2020, things are going to get complicated. Make sure you stay on top of what’s in your wallet.
Check your cash folks!